Norway’s oil and gas investments are set to break new records in 2025, surpassing last year’s peak, according to the country’s national statistics office (SSB). The sector, Norway’s largest industry, is projected to attract 253.8 billion Norwegian crowns ($22.61 billion) in investments, up from 251.2 billion crowns in 2024.
The latest forecast marks an increase from the 252.6 billion crowns estimated in November. SSB attributes the upward revision to higher spending on existing production fields, new developments, and onshore facilities, though exploration expenditure is expected to decline.
Vaar Energi, the Norwegian unit of Italy’s Eni, announced plans to approve around eight new development projects this year. The move highlights the sector’s expansion and adds to the rising investment outlook.
An initial estimate for 2026 pegs investments at 197 billion crowns, though these figures are subject to quarterly updates. New projects and cost adjustments could push the number higher in future revisions. The investment calculations use an exchange rate of 11.2261 Norwegian crowns per U.S. dollar.
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